iPhone maker Foxconn buys 350 more acres of land in Brazil

Foxconn has big plans for Brazil and the manufacturing giant just took another step toward realizing them. Parent company Hon Hai on Friday announced that subsidiary Foxconn CMMSG Industria de Electronicos has purchased more land in Brazil, AFP reports. The transaction with Toulouse Incorporacao will see Foxconn gain approximately 350 acres and it will cost the company $12.64 million. Foxconn said previously that it planned to invest $492 million in a new facility in Sao Paulo, and it currently runs four other factories in Brazil.